Features and Benefits
- Resident Indians who have completed 60 years of age are eligible to deposit.
- Both cumulative and non-cumulative options are available.
- Deposits are eligible for preferential interest rates for maturity period of one & above and up to five years.
- Loan available on deposit.
- Premature closure is allowed, subject to the applicable norms.
Terms and Conditions
- Proof of age has to be produced.
- Preferential rate of interest is applicable only for maturity period of one year and above. This rate holds up to five years max.
- The maximum ceiling limit for extending the preferential rate of interest is Rs. 3 crores in aggregate per depositor.
- Interest is subject to TDS.
- Nomination is compulsory.